PacifiCan funding will help develop new products and accelerate the growth of two innovative BC companies.
Delta, British Columbia, March 15, 2024 /CNW/ – delta city has one of the fastest growing industrial areas in greater vancouver Home to innovative companies such as Plascon Plastics Corporation and GridGear Solutions Ltd. These two companies aim for further growth by developing solutions to environmental problems.
PacifiCan helps BC businesses grow locally and compete globally. That is why today, Her Royal Highness Carla Qualtlov, Minister of Sport and Physical Activity and Member of Parliament, deltaon behalf of His Highness Harjit S. Sajjan, Minister of Emergency Preparedness and Minister of State for the Pacific Economic Development Authority. Canada (Pacifican), announced $1,628,450 We provided funding to Plascon Plastics and GridGear through our Business Scale-Up and Productivity Program.
Received by Plascon Plastics $1.2 million Expanding manufacturing capacity for sustainable plastic injection molding. Injection molding is a process in which parts are manufactured by injecting molten plastic into a mold. Plascon Plastics is innovating in the use of post-consumer recycled materials such as recycled plastics, used car tires and carpet fibers in the injection molding process. With funding from PacifiCan, Plascon Plastics will purchase new equipment and molds, hire more employees, and increase its product offerings, including the development of a clear 4.15-gallon pail currently not available in North America. I can.
Minister Quartro also announced $381,750 Funded GridGear, a maker of electricity submetering technology. Submetering technology allows users to better understand their energy usage and reduce energy consumption to save money. With support from PacifiCan, GridGear will scale production and commercialize next-generation submetering technology. This new technology will allow GridGear to offer products to industrial customers who require submeters that can handle higher voltages.
The projects announced today align with Pacifican's interests in promoting advanced manufacturing and clean technology in British Columbia, driving innovation, revenue growth, job creation and prosperity for all British Columbians. We support the Pacifican vision of perpetuating the .
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”british columbia A hub for clean technology innovation. GridGear Solutions and Plascon Plastics are great examples of local companies building a cleaner, more sustainable future in B.C. and beyond. PacifiCan is a proud partner supporting companies that make a difference. ”
– Harijit S. Sajjan, Minister of Emergency Preparedness and Minister for the Pacific Economic Development Authority Canada (Pacifican)
”delta is home to hard-working entrepreneurs who are leading the way in developing innovative new products to solve today's environmental challenges. The funding from PacifiCan will enable Plascon Plastics and GridGear Solutions to seize the opportunity to realize their ambitions and build an even stronger relationship. delta's Establishing our position as a leader in British Columbia's economic growth. ”
– Her Royal Highness Carla Qualtlov, Minister of Sport and Physical Activity and Member of Parliament delta
“Our primary mission as an organization is to focus on new product development and innovation to help our customers reduce their energy usage.With the support of PacifiCan, we are expanding our innovation efforts. We are excited to help new customers around the world reduce their power usage and create a brighter future. ”
– Colton Gabara, Director of Operations, GridGear Solutions Ltd
overview
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The global plastic injection molding market is estimated to be: $183 billion It is expected to grow at a compound annual growth rate of 4.8% in 2022. $266 billion By 2030.
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Studies have shown that implementing sub-metering technology in the multifamily sector can reduce electricity usage by 34% in buildings without electric heating and by 27% in buildings with electric heating.
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PacifiCan is the dedicated federal economic development partner for British Columbians. PacifiCan helps British Columbia businesses grow locally and compete globally, creating quality jobs, connecting industry leaders, and building an inclusive economy that benefits all British Columbians. We support this.
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PacifiCan's Business Scale-Up and Productivity Program supports high-growth (at least 20% year-over-year revenue growth) businesses that are scaling up and producing innovative goods, services, or technologies. Provides interest-free and repayable funds to incorporated businesses.
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Source: Canadian Pacific Economic Development Board
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